Browsing by Subject "Europa"

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Advancing soybean adaptation to Central European growth conditions with novel breeding tools
(2020) Jähne, Felix; Würschum, Tobias
According to the European Soy Monitor 2018 (European Soy Monitor, 2018), there is a wide discrepancy in the EU between market demands and general sustainability aims regarding soybean products. Europe needs to take action, if it wants to maintain its protein demands and at the same time requests a reduction in the destruction of globally important tropical and subtropical ecosystems. One step towards more sustainable soybean products lies in the increase of domestic production which has the potential to decrease soybean imports from areas of unsustainable cultivation. An augmented EU production of soybeans can be achieved for example by increasing the yield potential of soybeans in areas where successful cultivation already takes place or by expanding the cultivation area to more northern parts of Central Europe. Breeding for new, improved and adapted soybean cultivars that meet those terms, is a key activity towards that aim. This dissertation elucidates three different ways how the adaptation of soybeans to the climatic and photoperiodic conditions of Central Europe can be assisted and even accelerated: 1) By using off-season climate-controlled LED chambers to enable a speed breeding single seed descent approach. A 10 h light regime, rich in blue and deprived of far-red light emission is capable to significantly reduce and synchronise the generation time of soybeans. It was possible to shorten the life cycle for a panel of 8 soybean cultivars from different maturity groups to 77 days. This allows several generations of soybeans to be grown within one year. For the short day crops rice and amaranth on the other hand, different light quality parameters were favoured. In those crops mean flowering time was accelerated when far-red light was included in the light protocol. This underlines the importance of a crop-specific light regime in order to realise the full potential of LED-based speed breeding single seed descent. 2) By including experiments in climate-control chambers in combination with molecular tools (i.e. genomic prediction) to advance cold tolerance in soybeans. This quantitatively inherited key trait is necessary to adapt soybeans to colder regions and consequently extend growing areas of this crop to higher latitudes in Europe. In the biparental soybean population Merlin × Sigalia (103 recombinant inbred lines) three QTL for cold tolerance during pod onset were found on chromosomes 7, 11 and 13. The relatively small proportion of genotypic variance for this trait explained by these QTL underlines the quantitative nature of cold tolerance. Genomic prediction was shown to be a promising approach to select for cold stress tolerance. Scenarios with different test set sizes and prediction models were evaluated. In scenarios with smaller test set sizes prediction accuracies increased if known and confirmed QTL were included in the prediction model. 3) By incorporating citizen science into the breeding process. The citizen science project ‘1000 Gärten’ from 2016 approached this topic. Phenotypic data from soybean cultivars and breeding lines were collected by citizen scientists in 2492 gardens throughout Germany which generated a unique dataset. Among many other results this study was able to show that in 2016 and within the early maturity segment of soybeans the factor temperature influenced flowering and maturity to a higher degree than photoperiod although day length differed by over an hour between the north and the south of Germany during the time of flowering. It was shown that this admittedly challenging tool can realise a significant impact not only regarding the possibility of a highly multi-environmental screening of breeding material but also by connecting plant breeding, agriculture and potential future costumers in order to raise awareness and acceptance of a crop in larger parts of the society - a factor that may not be highlighted enough when a new crop is introduced to our agriculture. These approaches should not be seen as an alternative to classical plant breeding, but rather considered as valuable additional tools that can contribute to conventional breeding of soybeans, as well as other crops. If applied, the presented tools may assist plant breeding to pave Europe’s way towards a greener and more sustainable future that is urgently needed.
Chances and limitations of European soybean production : market potential analysis
(2016) Berschneider, Jana
Overseas imports of soybeans from Brazil, the US and Argentina to Europe are increasing every year. Simultaneously, GMO farming in these countries is being expanded ever further. European farming of protein crops especially soybeans is being pushed by organizations and protein initiatives for economical and ecological reasons. In 2015 soybean acreages expanded drastically due to the additional Greening political measures which came into force. Therefore it is worth asking about the potential of a European non-GMO soybean market. The aim of this thesis was to work out the principal chances and limitations of a European soybean market under the current agricultural political conditions. Moreover, it should be discussed how many of the imported soybean commodities, of which more than 85% are from overseas, could be replaced by soybeans planted in Europe. In order to get to the bottom of the interests in this market from the perspective of the market actors, ten interviews were carried out. The result made it clear. European soybeans cannot yet compete with the overseas soybeans in terms of quantity (homogenous commodity lot sizes), price and even quality (mainly protein content). Thats why European non-GMO soybeans are not yet of high importance on the most important consumer market, which is the feed market, as large processors favor homogeneous lots and a reliably supply of commodities as to avoid volatile qualities in production. The greatest constraint comes from the limited availability of arable land in Europe as well as from a lack of early maturing soybeans that are well adapted to the European growing conditions. The restricted availability of arable land lead to a competitive situation with other cash crops such as corn, but according to the results of this thesis, soybean growing’s result in lower revenues and are therefore economical less competitive than corn. Thus, output (income) optimizing farmers under today’s conditions decide not to replace corn by soybeans. Furthermore, a limited practice experience in less experienced relatively new soybean growing regions slow down the development of a competitive European soybean market. Moreover, an insufficiently established non-GMO soybean industry hinder the market development due to difficulties of coexisting GMO and non-GMO commodities. Separated product flows in non-GMO processing plants, wholesale and collection points, are segments within the value chain which need to be further promoted for this market development. The zero tolerance regarding GMO traces in seed has been analyzed as a market barrier especially in the plant breeding industry. Thus, the thesis argued to establish a feasible GMO threshold value for seed as is already legal for food and feed.This is mentioned as a political constraint primarily, as well as too little effort towards specifically promoting a regional protein strategy, if more independence from overseas imports will be achieved. On the other hand, chances for the European soybean market are expected, as long as added value can be generated through special marketing programs, particularly trademarks. This means marketing products at higher prices according to regionality and non-GMO labelling. Therewith, a distribution of additional costs for testing and separation along the value chain could be achieved. Especially the Danube Soya Association is being described as a driving force. They mobilize market agents along the value-added chain, help to create uniform standards, test and monitors soybean commodities to be non-GMO and are finally labeled as such. In this way the non-GMO separation needs to be extended by European regulation to simplify the process to reach a European non-GMO soybean market. The consumers demand for local or organic products is constantly increasing. Consequently, non-GMO soybean components are being asked for in animal feed. A significant market opportunity for soybeans is that they are not really replaceable (in terms of quality) by any other protein crop without needing to reduce the economic efficiency of animal production. Therefore, the potential for demand is there principally. The analysis of the application of non-GMO feed shows that this is only of importance in smaller amounts in a few countries within Europe. Significant animal producing countries such as the Netherlands and Spain have no interest in non-GMO products. Thus, the intentions behind the European non-GMO soybean market, such as more independence from overseas imports, are likewise limited to specific regions of Europe. The European soybean production possibilities are economical and geographical limited and would not be able to do much more than satisfy certain consumer niches who are willing to pay the added value for non-GMO products.
Empirical essays on acquisitions
(2017) Kolb, Johannes; Tykvová, Tereza
ACQUISITIONS are among the most studied areas in corporate finance research. Still, many questions about acquisitions are unanswered and regularly debated in the literature. One of these questions is whether acquisitions create value for shareholders as well as stakeholders and what factors are related to value creation. The overarching question raised in this thesis is whether and how financial stakeholders and shareholders profit from acquisitions in different scenarios, i.e.: • Do bidder shareholders profit when financial advisors are involved in corporate acquisitions, and does the quality of financial advisors matter? Do high-quality advisors create more bidder shareholder value than lower quality advisors? • Do firms and SPAC shareholders profit from SPAC acquisitions? How do these firms (SPAC target firms) perform in comparison to firms that use an IPO to go public? This thesis consists of three empirical articles in which I address the above outlined questions. The first article focuses on the European market and asks whether the involvement of advisors in corporate acquisitions matters for bidder value creation. Although theoretical frameworks predict a positive relationship between advisor involvement and shareholder value creation, it is not confirmed by empirical evidence (see, e.g., Servaes and Zenner, 1996; Wang and Whyte, 2010). My results suggest that advisors provide value to their clients only when both the bidder and the target are located in the UK. Moreover, a difference-in-difference analysis, using a major European regulatory reform, indicates that advisors matter for shareholder value creation in acquisitions. The second article focuses not only on the question whether an advisor is involved in an acquisition but also on whether the quality of the advisor plays a role. In theory, high-quality advisors should be able to create more shareholder value for their clients than lower-quality advisors (see, e.g., Golubov et al., 2012). However, different authors find an insignificant, negative or positive relationship between advisor quality and value creation. Since these studies rely on advisor market shares or related measures to assess advisor quality and since evidence suggests that advisor market shares are not a good predictor of advisor performance (Bao and Edmans, 2011), we develop a new proxy to capture advisor quality. We define high-quality advisors as advisors that have won an award of excellence (i.e., best M&A house) and focus on the North American market. The results suggest that there is a positive relationship between award winners and value creation. Moreover, clients of award winners seem to outperform clients of non-award winners in the long term and seem to realize greater synergies. The results hold when we consider the endogenous choice of an advisor. Finally, it seems that award winners put more effort into acquisitions that are more visible. The last article focuses on SPAC acquisitions, which combine acquisitions with initial public offerings to enable firms a fast and cheap listing at a public stock exchange. We compare firms that use SPAC acquisitions to access the public market with firms that use IPOs to access the public market. The results from the analysis of 127 SPAC acquisitions and 1,128 IPOs during the wave of “new-generation” SPACs starting in 2003 suggest that SPAC acquisitions profit firms that are small, highly levered and have low growth opportunities in times with turbulent market environments. It seems that venture capital and private equity investors rather stick to the traditional way, the IPO, to bring their portfolio firms to the public market. Furthermore, firms that access the market via SPAC acquisitions underperform the market and similar IPO firms in the long run. The results of this thesis provide some evidence that financial advisors do play a crucial role and that shareholders might profit from their involvement in acquisitions. Moreover, innovations in financial markets that promise to improve the protection of shareholder interests, such as SPAC acquisitions, should be analyzed by the market participants with great care. On the one hand, they might provide value for certain firms (that are not able to access the public markets via an IPO); on the other hand, they seem to hurt shareholders that are interested in long-term gains.
Ethical banking and finance : a theoretical and empirical framework for the cross-country and inter-bank analysis of efficiency, productivity, and financial performance
(2012) Abu-Alkheil, Ahmad; Burghof, Hans-Peter
Islamic banking is a growing worldwide phenomenon involving a variety of institutions and instruments. Previously, Islamic banks? transactions made up a small part of the total banking industry. Recently, Islamic banks have significantly expanded their network, and have been able to mobilize a large amount of funds and upgrade many economic ventures. Given the unique behavior of Islamic banks and their involvement in both social and economic activities, there has always been a question about their long run financial sustainability, particularly in adverse market conditions. Thus, a reliable and unbiased estimation of Islamic banks?efficiency and productivity performance is essential for the evaluation of Islamic banking operations within and outside its traditional borders of Muslim economies. Due to the short history of Islamic banking in Europe, and consequently the lack of sufficient data, empirical researches on the financial performance of Islamic banking have concentrated primarily in Muslim-majority countries and focused on the theoretical issues and descriptive statistics rather than rigorous statistical and econometric estimation. The main purpose of our analysis is to bridge this gap in the global and cross-country literature and to contribute to the ongoing debate regarding the performance of Islamic banking. Therefore, the orientation of this thesis is chiefly quantitative in nature. The aim of this thesis is primarily to shed some light on the emergence and the continual global growth of Islamic banking all over the world. It also tries to assess, for the first time, the relative performance of Islamic commercial and investment banks operating in Europe against counterparties-conventional banks in Europe and also against Islamic banks from Muslim-majority countries. Our methodology in this academic work clearly differs from the literature researches. This thesis is, basically, divided into two main parts. In first part, we specifically discuss the basic features and principles of the Islamic banking and finance. We then reviewed several in-depth market analysis results concerning Islamic banking and finance that were performed by well-known specialized financial institutions. In the second part, we primarily utilize different empirical approaches to examine the performance of our sample banks which shows a great variety, ranging from large active banks to new and small banks. More specifically, we use the Data Envelopment Analysis (DEA) method to calculate the commercial banks? efficiency scores and investment banks (cost)-X-efficiency levels; the DEA-based Malmq- uist Productivity Index (MPI) to estimate the banks productivity indices; the common financial ratios to measure the banks financial performance; the T-Test to determine the differences of investment bank's performance pre- and post- the financial crisis that hit the world?s economy in 2007; the Ordinary Least Squares (OLS)-regression to determine the impact of internal and external factors on bank's efficiency and also to check the robustness of the overall results obtained from DEA scores; Spearman's rho correlation to investigate the association of the DEA-efficiency scores with the traditional accounting ratios; and eventually the efficiency?profitability matrix in order to determine the characterization of the banks' performance and the factors that influence efficiency. Our analysis is carried out, primarily, over the period from 2005 to 2008. This indeed helps to account for the impact of the recent financial crisis on the efficiency and productivity performance of the selected banks. The preliminary review of the market surveys-based analysis shows that the Islamic finance and banking is one of the fastest growing sectors in the financial world. Islamic financial products and services are increasingly being regarded as a viable investment opportunity, making them very attractive for Muslims and non-Muslims alike. Leading Islamic banks from Muslim countries are expanding their network. Several European banks have directly involved in providing Islamic financial products in order to satisfy the special needs for Muslim customers and the non-Muslims who seek ethical financial and investment solutions. Eventually, European governments have also started to amend their legal, tax, and regulatory systems to allow the establishment of Islamic banks. Most importantly, from an empirical point of view, our presented results suggest that the Islamic commercial banks in Europe are found to be relatively technically inefficient. They have also, on average, poor financial performance and under-performing practices. Moreover, Islamic banks in Europe actually suffer from significant productivity losses over the sample years driven, to a large extent, by the regress in banks? technology innovations. By and large, the bank?s inefficiency stems from both the sub-optimal size of operations and the lack of management knowledge and skills. Findings suggest that the optimal size for Islamic banks to achieve better levels of performance is neither large nor small rather medium. Therefore, increasing banks size through mergers and acquisition will substantially enhance their technical efficiency and productivity progress. The period prior to the current financial crisis was marked by the most stable economic environment for generations. Our results illustrate that Islamic banks lag relatively, before the emergence of the crisis, behind their conventional peers in terms of estimated efficiency scores and productivity changes. Strikingly, conventional banks gradually lose their superiority over Islamic banks in subsequent years, but remain, on average, a head of Islamic banks. Islamic banks are, indeed, less vulnerable to the effects of the crisis as compared with counterparties-conventional banks. They exhibit only slight inefficiency and productivity regress during this severe crisis and therefore, produce a consistent and remarkable positive trend in technical efficiency, productivity performance, and financial profitability. This might be because of the beliefs in the power of petro-dollars in the Gulf region, the fact that the Islamic banks are relatively small and young at present, and could also be due to the religious financial constraints. Such factors might have played an important role in preventing Islamic banks from being severely affected by the crisis. Overall, results suggest that the small and new Islamic banks in Europe can be as efficient and productive as large and old Islamic and conventional banks. They also have long run sustainability, substantial room for improvements, and a great potential in the banking industry to sustain their competitive edge not only in Muslim countries but also in the European financial system. The estimated findings pertaining to the performance of Islamic investment banks in Europe suggest that these banks experience low (cost)-x-efficiency and poor allocative-efficiency compared with counterparties-conventional banks. Bank?s inefficiency is caused largely by the under-utilization of inputs, the bank's diseconomies of scale, and also appears to be due to the regulations not controlled by management due to fluctuations and instability in factor prices. Islamic investment banks additionally show a clear paradox between their high calculated efficiency scores and low achieved profitability ratios. They are also less risky, more solvent, and operate with lower use of debt. Nevertheless, Islamic investment banks suffer a gradual deterioration in liquidity position. The banks' supply of Murabaha (cost-plus loans) financing appears to be most dominant and has increased significantly in importance. Overall, findings seem to reveal that the banks that are technically more efficient are larger in size (total assets), financially more profitable, have greater loans intensity, acquire lower levels of debt, invests more in appropriate human skills, have a lower market share (total deposits), and operate in countries with higher GDP-per capita. Such results reflect the strong and high association between the DEA-efficiency measures and the standard accounting measures, suggesting that the DEA approach can be adopted separately or concurrently along with financial ratios to make comparisons of Islamic banks performance more robust.
Food insecurity among older Europeans : evidence from the survey of health, ageing, and retirement in Europe
(2016) Sousa-Poza, Alfonso; Nie, Peng
Using data from the fifth wave of the Survey of Health, Ageing and Retirement in Europe, this study investigates the association between food insecurity (FI) and several demographic, socioeconomic, and health-related characteristics in a sample of European residents aged 50 and over. Our initial analysis reveals that in 2013, the proportions of 50+ individuals reporting an inability to afford meat/fish/poultry or fruit/vegetables more than 3 times per week were 11.1% and 12.6%, respectively. It also indicates that not only income but also functional impairment and chronic disease are significantly associated with an increased probability of food insecurity. In a subsequent nonlinear decompositional analysis of the food unaffordability gap between European countries with high versus low FI prevalence, our rich set of covariates explains 36–39% of intercountry differences, with household income, being employed, and having functional impairment and/or chronic disease as the most important contributors.
Lord of the Lemons : origin and dynamics of state capacity
(2017) Wahl, Fabian; Huning, Thilo R.
To better understand the role of taxation in the emergence of states, this article presents an incomplete contract model of an agricultural society in which information asymmetries cause inefficient taxation, and hence outmigration, uprisings, and rent-seeking, but also urbanization. We propose a geographic index of information costs, observability, to test our model. Our case study is the Holy Roman Empire, which had a relatively homogeneous institutional framework, state of technology, culture, and ethnic composition across hundreds of observed states, for over 500 years. We find a robust link between observability and states’ tax capacity, their size, and their survival.
Qualitativer Vergleich von Modellen zur Bewertung von Klimaschutzmaßnahmen in Europa unter besonderer Berücksichtigung der Landwirtschaft
(2006) Vabitsch, Anna Maria; Zeddies, Jürgen
Agriculture in Europe is responsible for a considerable fraction of greenhouse gas emissions. Methane, nitrous oxide and carbon dioxide emissions from agricultural sources account for about 10% of the total European greenhouse gas emissions. The contribution that agriculture can and should make to the achievement of the agreed European goals for emission reductions has to be assessed. The aim of this study is to analyse the possibilities and conditions for greenhouse gas mitigation in the agricultural sector in comparison to other economic sectors. It addresses the question of how meaningful and efficient it is to reduce greenhouse gas emissions from farming. A review of the literature showed that various measures for emissions reductions are available for agriculture as well as for the other sectors. In order to assess the efficiency of these mitigation measures, a quantification of abatement costs is necessary. For this purpose, economic-ecological models were chosen which were developed mostly for political advice and analysis. A detailed analysis and assessment of the chosen models was carried out in order to evaluate the model results. The comparative assessment of model results arrives at the conclusion that there is presently no model available that satisfies all the requirements demanded of an environmental indicator for climate policy. For this comparison of models, a selection of representative models was described and analysed in detail. The following models were chosen for the detailed analysis and assessment: POLES, MERGE, EPPA-EU, PRIMES / GENESIS, RAINS / GAINS, CAPRI, AROPA GHG and RAUMIS. They were differentiated between highly aggregated models which represent the global economy with its impacts on the climate system and, in contrast, disaggregated models which focus on a single sector and/or region. Two categories of model structures were observed: general and partial equilibrium models based on the neo-classical economic theory of perfect markets and, on the other hand, optimisation models which were solved by the maximisation of (regionally weighted) profit and benefit. An important feature which distinguishes between the models is the sectoral and material resolution. Aggregated energy models are commonly used, most of which not only reproduce the energy sector, but also the other sectors. However, they only account for energy-related CO2 emissions. These models provide important information on the most relevant emitting sector (energy) and the most important greenhouse gas (CO2), but they neglect the presence of the other Kyoto-gases and the possibilities of an integrated approach for emission reductions. The results of assessments of mitigation potential in the agricultural sector using energy models are incomplete because the relevance of non-CO2 emissions and their possible contribution to overall emission reductions are disregarded. As a second focus models of the agricultural sector were analysed and assessed. These models describe the agricultural production process with a high degree of resolution and determine specific mitigation costs of single measures and options. Additionally, some of these models assess the interactions and effects of simultaneously reducing emissions of different greenhouse gases. However, the problem still exists that results from models of different sectors are not comparable with one another. The main reasons for this are the varying model assumptions and the specific conditions. A method to resolve this dilemma is provided by the models that integrate top-down and bottom-up elements in one model framework. This means that several sectors and countries are simultaneously modelled (top-down) but detailed information on specific gases and mitigation options is integrated as well (bottom-up). Using this procedure, the comparison of different sectors is possible and sector-specific accuracy in the definition of abatement costs, for instance, is also achieved. This procedure is most advanced in the case of integrated assessment models. This approach aims to account for as many aspects as possible of one environmental problem as well as for all its interactions and impacts on other environmental goals. At present, these very complex model systems are most readily applicable to find solutions for the optimal spatial, temporal and material allocation of mitigation measures and investment. The significance of these model results is, of course, also dependent on the available database and on the assumptions made. These models come to the conclusion, among other things, that the integration of agricultural greenhouse gas emissions into a holistic mitigation approach may provide a significant reduction in mitigation costs. Despite the high level of uncertainties regarding the model results, it can be concluded that the agricultural sector should definitely contribute to achieving the agreed emission reductions.
Turkish-German innovation networks in the European research landscape
(2013) Heller-Schuh, Barbara; Pyka, Andreas; Prostolupow, Irene
Research networks are regarded as channels for knowledge creation and diffusion and are thus essential for the development and integration of economies. In this paper we have a look at the long Turkish-German-migration history which should offer opportunities for both countries to benefit from brain circulation, transnational entrepreneurs and research networks. The present paper examines the structure of research networks of the European Framework Programmes (FP) that are established by joint participation of organizations in research projects, in particular German research organizations with Turkish participants in FP5 to FP7 in the knowledge-intensive technology fields ICT, Biotechnology and Nanoscience. A better understanding of these networks allows for improving the design of research policies at national levels as well as at the EU level. The empirical examination of network properties reveals that the diverse networks show a range of similarities in the three technology fields in each FP such as the small-world properties. Moreover, our findings show that German actors play a specific role in most examined research networks with Turkish participation.
Varieties of service economies in Europe
(2012) DiMeglio, Gisela; Pyka, Andreas; Rubalcaba, Luis
This paper identifies the varieties and dynamics of service economies in Europe, analysing the role of knowledge base and innovative efforts and their evolution across time and countries. Results based on aggregated macroeconomic data indicate that there is no convergence trend towards a single service economy model. Moreover, different service economies models can be associated with institutional and welfare state diversity. When analysing a comprehensive set of indicators at a disaggregated level a more detailed pattern of service economies emerges. The structural composition of countries plays a prominent role, while heterogeneity is driven by uneven knowledge bases and innovative efforts.